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British Pound: Euro Tests Channel Support as Sterling Extends Gains - Societe Generale
EUR/GBP remains under pressure, with the break below the July low extending its decline towards support near 0.8370/0.8355 at the lower boundary of a multi-month descending channel, according to Societe Generale’s Kenneth Broux. With initial resistance at 0.8430, Broux cautions that the downtrend could continue if the cross fails to overcome this level, leaving it below the 0.84 handle.
Can key supports halt the cross’s decline?
"EUR/GBP has extended its decline after breaking the July low."
"The pair is now challenging the lower limit of a multi-month descending channel near 0.8370/0.8355, which could be a potential support zone."
"A brief rebound cannot be ruled out however the high achieved earlier this week at 0.8430 may act as first hurdle."
"An inability to overcome this resistance may lead to persistence in down move."
"EUR/GBP inside day but stays below 0.84 handle."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
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